Michigan § 555.109 Common trust funds; management fee; expenses.

Michigan Statutes

§ 555.109 — Common trust funds; management fee; expenses.

Michigan § 555.109

Ch. 555USES AND TRUSTS

Act 174 of 1941COLLECTIVE INVESTMENT FUNDS ACT (555.101-555.113)

This text of Michigan § 555.109 (Common trust funds; management fee; expenses.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 555.109 (2026).

Text

COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT) Act 174 of 1941 555.109 Common trust funds; management fee; expenses. Sec. 9.

(1)A financial institution administering a fund may charge a reasonable management fee that does not exceed an amount equal to the value of legitimate services of tangible benefit to the participating accounts that would not have been provided to the accounts were they not invested in the fund.

(2)A financial institution administering a fund may charge reasonable expenses incurred in operating the fund.

(3)A financial institution shall pay the cost of establishing or reorganizing a fund.

(4)A financial institution may deduct the fee and expenses allowed under subsections (1) and (2) from the fund or from the participating accounts in proportion to their interests in t

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COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT) Act 174 of 1941 555.109 Common trust funds; management fee; expenses. Sec. 9. (1) A financial institution administering a fund may charge a reasonable management fee that does not exceed an amount equal to the value of legitimate services of tangible benefit to the participating accounts that would not have been provided to the accounts were they not invested in the fund. (2) A financial institution administering a fund may charge reasonable expenses incurred in operating the fund. (3) A financial institution shall pay the cost of establishing or reorganizing a fund. (4) A financial institution may deduct the fee and expenses allowed under subsections (1) and (2) from the fund or from the participating accounts in proportion to their interests in the fund.

Legislative History

1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.109 ;-- Am. 1986, Act 23, Imd. Eff. Mar. 10, 1986 ;-- Am. 2004, Act 586 , Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act